Berkadia announces it has arranged the sale of Dunedin Commons, a 280-unit garden-style apartment community located in Dunedin, Florida, approximately five miles north of Clearwater. Managing Director Jason Stanton of Berkadia’s Tampa office, Senior Managing Director Cole Whitaker and Senior Director Marc Sumner of Berkadia’s Orlando office arranged the transaction on behalf of the seller, Primerica Group One, Inc., a real estate firm specializing in commercial and multifamily development in the Tampa Bay area. Westdale Asset Management Ltd., a national real estate investment and management company headquartered in Dallas, acquired the property in an off-market transaction for $62.5 million.
“This was an excellent opportunity to acquire a Class A community in an infill location with limited newly built competition,” said Stanton. “The population in the Tampa Bay MSA is expected to expand by another 40,000 residents this year, and this has created intense demand for apartments in submarkets like Dunedin within a short commute of employment centers in Tampa and Clearwater.”
Built in 2018, Dunedin Commons is located at 2701 Dunedin Commons Place and consists of one-, two and three-bedroom floor plans. Units feature 9-foot ceilings, faux-wood flooring, private screened lanais, washer/dryer units and granite countertops. Community amenities include a clubhouse, media center, cyber café, fitness center with yoga and cycling studios, resort-style infinity pool, outdoor kitchen, playground, dog washing station, and walking and jogging trail.
Dunedin Commons is located approximately 40 minutes from downtown Tampa and 10 minutes from Clearwater, and offers convenient access to the Pinellas Trail, downtown Dunedin and Clearwater’s popular beaches.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.